UMBF - Earnings call 3 2023 | UMB Financial Corporation

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Operator

Hello, and welcome to today's UMB Financial Third Quarter 2023 Financial Results Conference Call. My name is Elliot, and I'll be coordinating your call today. [Operator Instructions] I would now like to hand over to Kay Gregory, Investor Relations. The floor is yours. Please go ahead.

Kay Gregory

to quarter welcome call. and morning, our XXXX third Good Shankar, CEO; share results. Mariner and Ram CFO, our Kemper, President about and will comments a few Rine, and presentation contains Chief statements, Tom which be Bank; to of forward-looking for Officer, assumptions, subject risks available session. Today's will also Jim Terry, question-and-answer the are CEO uncertainty. UMB Credit and summarized of our XX These included our in Slide risks SEC on are filings and are presentation. only those set forth forward-looking as Actual of may speak today. differ from results statements, in which to except them, extent update to obligation no undertake securities by the laws. We required All on earnings share call per metrics discussed a this on are basis. diluted share

materials available press presentation Our and release online at are investorrelations.umb.com.

the turn I'll Mariner call Now Kemper. over to

J. Kemper

Thank today you, the strong details happy to Good performance. I'm our to be here share morning. with of you quarter Kay. third

disciplined in produced that loan continued the proud expense strong deposits, long quality. solid businesses, fee-generating extremely record a many underwriting quality our stable continue of stable momentum has margin control, and of these track I asset asset growth, reflect metrics. results be of to Our prudent

classified saw Our declined points million period for compared third the the shown net loan general impressive, prior X%, loans $XX time debt X Provision from loan which points of variables watch the X improvement We our considering charge-off average increase basis was and X ratio loans in losses quarter, past in basis XX% second the charge-offs X watch quarter levels that largely year-to-date. balances and improved and in points classified improvement X-quarter categories. The basis basis with the in same and in quarter. just and both the our the driven the loans, lowest for period. respectively, points XX% macroeconomic quarter quarter. is for second during for in from in remains the changes credit history, average $X healthy portfolio to Nonperforming million by

we've historically, we time list And the to loss. migration from manage time book. seen levels fluctuate very to watch as little Our

consistent credit comes our been having for same current and the achieved that approach performance management and together risk Our from through decades. cycles working historical has multiple focus on team

monitor economic do continue uncertainty with our Despite as conversations We brewing from across all well remain we in interest footprint, clients crisis, the macroeconomic have optimistic. volatility closely regular environments. cautiously something our the our as rates, trends and to in commercial clients geopolitical

net share. $XX.X net quarter a from third and quarter, an cover few Ram X.X% costs. I'll mix $XX.X a or Now up were $X.XX in quarter Net the per GAAP will decreased yields offset few income improved second interest million increase from income growth Operating was share. the was highlights income details and per follow $X.XX deposit asset million the or loan by for drivers. as and and

to impact pricing. costs, industry essentially the a flat income on the for mitigate balance While by net continued helps side third of margin in the higher our continues on asset the our linked-quarter flexibility sheet funding of net interest interest impacted be quarter liability was basis. The

in our on we XX linked nearly income, increase $XXX largely In quarter. billion saw In Trust variable Securities solid loan than base Year-to-date, Services, Processing and in strategically increased a team several Fund and flows. by asset lower cash have added profit in Fund has new medians and to this. income We peers of we driven to in and clients, helped which a the [ our lines businesses Trust fee third ratio assets X.X%, administration basis. planned industry results Private Services, contributing a this quarter revenues under Wealth. growth X.X% line, and saw drive all Corporate ] reached

fell levels by income. to in the deferred variances included compensation expense expense reduced related COLI over noninterest Our and X.X%

control to and salary with ongoing on efforts will provide expenses. these operating various along declined expense shortly. additional severance drivers expense the Ram Additionally, color more wage reflecting

this balance driver in The our Turning to balances average loan shown annualized growth behind on XX.X% are Slide quarter sheet. the XX.

linked-quarter For Reserve comparison, of through have annualized an of model pipeline H.X the increase build banks annualized. had or environment, median October X.X% the average some quality increase caution data balances relationship continues a Despite Federal X.X%. just clients. have reported The that predicted loan results in current XX industry-wide to X.X% banking surrounding a of our

quality growth And metrics. production today, declining slightly, seen XX, some property classification, quarter. $XXX continued on loans was the geography, line to loan well X.X% and as and and industry outperformance type CRE representing we Credit Page given the expect seen the as XX Total portfolio of on and on remains slide with and tenant strong we've book, what Slide our across XX. relative the paydowns by top for million, payoffs diversified loan shown

we and Looking verticals regions. lending ahead fourth to opportunity geographic the quarter, our various see across

relationships. further deposit We meaningful have opportunities of disciplined emphasizing continued pricing, to capital, by evaluate best remain accompanied and on the our lending we use

On sheet, quarter. the of side total second flat the essentially other versus balance deposits average were the

Declines fund in commercial to by seasonal will in deposit broker balances in were public offset funds begin balances, again in rebuild difficult CD fourth balances we reductions quarter. the growth and expect public

customer activity. previously, uses typical business dividends As payroll, we've including will noted other flow and and naturally as balances funds deposit our commercial purposes, ebb base the largely for

during the strengthened XX. even Slide further capital depicted quarter, we on as our Finally, positions liquidity and

by total XX. and CETX capital June from and points, quarter-end ratios basis were XX.XX% respectively, and Our XX X XX.XX%, improved

$X.XX payable announced compares median. had we a per dividend, Board in Our our And CETX release, to January. peer favorably press X.X% share it increase in in ratio our approved that the the bringing to

may now our XX on quickly quarter. it how As results will past happen. dividend that during scenario, hikes. inflation presentation, they interest through to level, set variables want clear it it, were higher fully you Reserve's XXXX. There dividend increases that that haven't begin we've a the expect years. expectations. cuts rate over But Federal up, and of period. To pause varying XXX% XX measure further may however reached per opinions, longer seems The are at a our rate has shown with pleased have win we wrap the indications individual data-dependent The increased least our Slide All timing but quarterly we're are on XX this

Such deposit a while favorable costs for largely the balance be through pressure our would repricing sheet period. abated as on continues asset scenario that

Additionally, earning asset we our cash flows yields from to loans. use securities higher-yielding will improve fund as portfolio

is With the itself adapted has wide uncertainty outcomes. model to in over for feel environment we a proven set a circumstances. time of that as business the and It changing macro geopolitical environment, of and our range prepared we've

our Ram more results. it turn I'll a for over Now to Ram? look detailed at

Ram Shankar

share basis in mix and XX%, of beta points from Cycle of repricing just free total points drivers of quarter margin funds. the of approximately balance quarter. deposit interest-bearing for to third linked key third basis few a XX from mostly the XX items. X.XX%, from funds cost and of additional were drivers XX loan with our date, points from benefit impact basis positives a been discuss I'll results, the sheet then I'll a beta keeping was has The Thanks, of largest These point our by asset XX%. of X pricing. a pace Mariner. changes decrease basis the positive some interest Net quarter included reduction offset earning

Commercial XX% signs is the during DDA. average bottom. difficult XXXX balances can in trust This quarter corporate linked it's increased deposit which showed for of point quarter, although we the the deposits activity, expect and know DDA total are we tightening remix to the low balances episodic. level and be and certain, DDA some approaching slowing we line X% decline with this cycle, Our of in with XXXX, The ended the approximately the over largely reflects quarter.

With that approximately the and continue XX% being, XX% of expect total the the loan of will the Fed terminal to this time beta current the rates per consensus through we cycle. end for hold deposits

trend expect flat sheet. additional the see shift fourth while driven slightly as balance funds margin ahead the public to we'll we come modest Looking some on quarter, mix up, to by to compression, rate-bearing NII

Services items Trust detailed Corporate in our compared and in drivers we including and expense, income in life income noninterest compensation $XXX,XXX quarter the $X.X Our prior from as decrease businesses. The a We increase of benefits client release. our the new million contains impact million million our by where well driven quarter. decreases $X.X included the a a securities of income in processing A offset million on derivative discussed of recorded quarter. the shown salary are slides deferred million and decrease $XXX.X $X and just Fund to the second decrease the the million customer-related market-related assets million sale in $X.X of $XXX,XXX million reported note. second reduction $XXX.X variances of trust quarter, acquisition to company-owned $X.X expense press $XXX.X of by last income were insurance in noninterest largely of in levels These expense, in as few and a gain

would million This is decrease million $X.X expenses the typical various $X.X compensation variances, close $X.X million, operational employee other point benefit along COLI expense to with quarterly of put in deferred in a wages losses. a decreased $X.X and million salary the reduction million. the we These income. $X.X costs. in were of impact increase severance by and offset million timing million for severance Considering of our expense, to in a offset $X.X and decreases partially reduction $XXX starting

]. fourth quarter charitable we'll of Looking [ make ahead, billion expect typical contribution we $X a approximately

rate from of a driven effective compared by in tax securities same decreased XX.X% in level primarily period portion was was year-to-date of the tax larger exempt Our The in XX.X% variations and to income. rate COLI XXXX. income

tax XX%. continue to the we expect rate full a and XXXX, For between year XX%

portfolio, Slides XX. Now balance on turning our on XX the with I'll investment to and more start sheet. detail shown

The Our security quarter industrial $XX.X revenue book from declined to $X.X billion. the bonds. second of average billion X.X% included balances investment held-to-maturity

total just increased During X.XX% a of has million an of years. average X portfolio $XXX with and up. the yield on over our duration of X.XX% AFS The securities quarter, yield rolled to

quarter. IRB maturity of mentioned third health the bond X.XX% and yield The exclusive an for the of had portfolio average

to $X.X further generate these period. have a improve Additionally, securities, XX rate position cash more X.XX% our of in billion over funding which The the flexibility. will of of AOCI than flows the blended portfolio roll-off is that also next months, providing expected

As or the of the XX.X% portfolio million loss on was of September cost. amortized AFS $XXX pretax XX, the unrealized

position, along highlights IRB of liquidity contingent For this loss including with sources Slide the funding. HTM was XX $XXX portfolio, the our million loss.

we sources. quarter XXX% XX, September end. of liquidity deposits uninsured had Liquidity billion in adjusted $XX.X coverage As of increased at available

impact XX, Since X.X% Our X.XX% XXXX, annualized the improved share, X% we increase growth to the ratio of When was value same equity compared to September AOCI, share. that XX. per year ago. period book rate per a was book value September in at experienced $XX.XX a an common tangible excluding ratio have of X.XX%. Tangible tangible

growth operator a while now balance sheet and as we noted flexibility the provide and positioning our concludes back focus company last we address the As that quarter, over call. to industry. That it growth to uncertainty maintained the our to prepared the to I'll portion begin Q&A of support our the in turn remarks,

Operator

[Operator Instructions] First question with Piper today Race from Sandler. Nathan comes

Nathan Race

you earning flat $X.X like to in the size terms NII in were the fourth of also of looks asset that base about you for wholesale of billion in have sources some the kind be Curious to terms what quarter, in quarter. the able expectations kind the kind reduce fourth in It of and quarter. Ram, maturing the of down guys quarter. slightly the in of contemplates to

we So trajectory base... how think should the about just think asset trying the of to earning

Ram Shankar

cash our in the flows out change material portfolio investment No than that will portfolio. Nate. rotate into continue other sure, loan to Yes,

as in you'll expected purchased side going in we cash on to that growth. see decks, We to largely see you loan then one And the the going any asset is earning everything still of is our portfolio be. have, flows haven't what be that disclosure securities slide the as from well. new So else

Yes, in was. down balances. changes did from balances we quarter bring but the no where to it don't expect liquidity second our material from So it third fed the quarter, to the materially account change

J. Kemper

to strength just the add we past, the we've growth quarter in just ended, would loan would in that be quarter like done fourth the expect strong. in we was that I as

Nathan Race

helpful. income obviously, in fee That's about fund services it. think forward, [indiscernible] corporate had revenue, and nice Got you management. institutional growth going asset

looks XQ forward? XQ going saw that pipeline client new that sustainable and opportunities of kind in growth kind Just of of the of how win terms if rate versus we curious is in

J. Kemper

the to a is in dislocation, we've as continues Yes. That Fund in we us have space our acquired a the new business, competitors Trust, -- that clients be good case. has I has been remains remains expect and our dislocation think, very firms very gotten good. services, mentioned business. Corporate segment. particular, the unlocked, be over we continue it deck very XX private in for gives growth and the projects lot money of XX% which represents, into The been strong strength being that unlocking in There's public equity up pipeline business our the had the year-to-date the lot of to done, been happened what's And to again. seen for and that's airline projects are getting are done. there. Everyone's with and value activity the strong us and getting moving of for private

for and So within our -- that to expect quarters there revenue to in we aviation the unlock continue vertical Corporate in coming Trust.

our continue more customer business strong as Our to sales on continues base. to be we direct care health focus on

health care or spend, we continue card commercial. expect going to it's Our be whether spend it's strong forward, to

feel growth nice like all about of a really, noninterest income feel So there's across continue good we kind to that. our all verticals of of profile cylinders, and

in know, you that second had [indiscernible] about the sale we million. As $X quarter, of

out, you looking and trajectory So if from it's take that pretty forward, the quarter-to-quarter strong.

Nathan Race

And to across Great. see just improvement to credit great It's board XQ. lastly, the in Okay. quality. then turning

the seen that far we've some your thus on scrutiny shared is in some think national credits. greater of season from earnings one I thing peers

shared remind So portfolio? just us portfolio you club degree guys large any you to could national what curious if dealers is and the agent within credits that how

Thomas Terry

those credits Yes. closer The $X.X shared all businesses. is about Chief This we related Terry, Credit $X to maybe Officer. have billion, almost Tom other national of to billion, that

to have companies clients, insurance as example, large we credits that will the their participate get our fund business, health services side. services in and we national we fee for the support fund on income shared So

being sake The are So lion's we're them. not those. agent -- to support few high-quality their the of for as very majorly and share interested in are shared far as they're national credits business in thing, of ones

your that does answer question. So

Nathan Race

does. it Yes

J. Kemper

credit I think about [ national -- will lower. be much, outstanding ] much slower

Thomas Terry

out. billion commitment the has gone $X is the Yes,

J. Kemper

would of et really ] the Tuesday used comment [ really there the fund most I part. those Most lines, back service-related say on lines, get don't of a are sort lot They up for lines, cetera.

Nathan Race

of billion XX% funded. So terms that like of in utilization $X is

Ram Shankar

just at the under is -- million. balance ] [ balances The million $XXX Nate, $XXX about were

the to other yes, to outstanding So but don't tends are low, get tapped. that pretty as Tom said, have utilization lines clients be these we

million. are sure make larger to and are Just commitments balances under $XXX

Nathan Race

negative you within credit And it. Got that really portfolio haven't recently? seen any migration

Thomas Terry

Not at all.

J. Kemper

on watch the list. of are None them

Thomas Terry

Correct.

Operator

next question from KBW. with Chris Our comes McGratty

Christopher McGratty

on Mariner, this we a controlled environment maybe for tough this operating and a revenue? question Expenses in operating increasingly for well about you, you've be talked leverage. really done How should really good quarter. thinking job historically leverage were

J. Kemper

there, story accomplish, what's Well, any much in kind happened right? want I what environment accomplish. guess interest on the with more with to the It's the there. you hit I of a head It's would nail really pretty line of to environment. us costs, think this challenging really,

give intelligently guidance, in it's obviously, it. us year you point laser-focused of next be operating and for be where head. on as is really leverage to opposed we it. where might continue able to emphasis. don't as direction, the about in we to budget think are any but we talk the kind put we'll be -- hard for efficiency We we our it early But And one to on it's still year focused And will about ratio to that are definitely

Christopher McGratty

sure I missed fourth I growth. quarter Okay. heard want Or might the you expectation moderation -- that? And quarter? then I this Was to loan the think I from make on have

J. Kemper

strength. in Similar

Christopher McGratty

any in to the investment finally, rates. in of be sheet, Obviously, Okay. of the given portfolio retooling thinking you're of reinvesting, things move might not portfolio. balance any the about some bond in appetite Got it. are move but around I that then some contemplated? of terms peers mean, the And restructuring your kind

Ram Shankar

these kinds or do at Chris, appetite as opportunities. desire this time, you know, really very we evaluate any routinely that. little But of need of to

Operator

Wells with Securities. to Fargo now Braziler Tim turn We

Timur Braziler

on that up Maybe questioning. just line following of last

those expected growth inflow be on size seeing? what's are quarter? of expectation that rolling guess the for proceeds is you're source a the funds bond Are the seasonal and for some funds. to public you the of book off? the I and With remain bond loan reinvesting book going the Or next

Ram Shankar

I a on balance will or then growth, say. sheet maybe early loan year into and the based And at next this It goals to deposit should fund loan of through and to production of remain source year. But still our it we'll end evaluate funds we're point, the have and growth let going whatnot.

Timur Braziler

Okay. at And loans fund and remains of loan like some up growth these that contractual the pipeline as schedule start then looks just I'm over couple wondering how looking what that impressive. growth, pretty on of quarters? of the the much is construction to CRE next

Ram Shankar

mix. hitting seeing are the It's last approved that little There's we A albeit seen X the the for and industrial, bit, it's demand seeing that still still over phase. deals loan probably a XX demand but activity. certainly multifamily we've a lot months of and We're activity. funding for still slowed now there's are construction still

comprehensive its specifically XX to funding, approved terms it's though X mix of in question what a over to So your the months. last answer of we've

J. Kemper

[indiscernible] the And

Ram Shankar

the And [indiscernible] new

Timur Braziler

just ill you're on whether taking And that environment? from a conversations more component Are wait-and-see guess early-stage you borrowers having? of any the the can kind provide the effects some of are color just you Okay. economic specifically, then hearing of any uncertainty? it's broader construction rates on I or approach, building

J. Kemper

said, is So multifamily is and of remained echo industrial that categories obviously, strong, I'll while there's the right? that plenty winning think very office other and Tom I significantly. mix which changing, Mariner, comments, The are opportunity.

marketplace, a case. isn't multifamily in there in strong and supply, still environment rate pockets very the interest country housing are and So for the with the that a lower higher there's demand interest supply

where There places are when et over places building A are where the is need are Class B, there's There Class people cetera. investment.

for buildings support and and attention kinds is delivery distribution that the then to demand we need Amazon. continues America to problems, mile issues understand tilted pay there and businesses or the with those of we for from of support strong real So the be to stay Amazonification a because Amazon compete but there's and of industrial last strong away the all that to multifamily

that the goods So there's underway to believe build-out of significant in pretty still support and receive understand America. a way consumers we delivery

opportunities things is the continue high-quality X we in the book reserve we more making for liquidity who The our those forward we're people excess So the do we're on and with going environment are sure real in focused to business relationship with their us and going in to present willing deposits system strong capital with us. our customers think shift broaden from put us. for and

in So be that we their and about really, people who to really for see us about relationships as want only think quite of us. that sure we're observing of with still you that the that opportunity opportunity making the owning landscape bit and difference would a deepen really

Timur Braziler

for And then just last me. Great.

the how there be drive be expect operating a of source to those can expenses leverage? as question, expense parlaying expense higher the operating fourth and of base much and look 'XX? on Or side, Chris' is to positive for guide Maybe grind much again I 'XX appreciate we we there into confidence order leverage is On in through the maintained quarter. -- well on fairly how positive Should that leverage.

J. Kemper

too to better maintain business continue always to We we think it's to accomplish, those what think give business, continue and room there's do to minimum be to else opportunities. been be we've any to think early tell But to I And smarter. can for we're opportunities always we certainly -- what at those them. and for able look a and I don't improve would guidance. to we looking to any we'll would say, uncover do I forever And -- at maintain company,

Operator

Piper We Sandler. have a follow-up at question from Race Nathan

Nathan Race

Yes.

of lagging the year on longer environment. kind of Obviously, the a repricing in and trajectory you of the Just kind portfolio rate terms on of of that you the duration higher and for under index how are of scenario thinking guys less you're the itself curious thinking have some about side seeing next pressure deposits loan things. about margin

any under how frameworks? margin you next So on year and preliminary kind trajectory of are thoughts those NII about guys the thinking

J. Kemper

anticipate that the believe with would scenario, appreciate to it's deposits make pressure our under repricing scenario stops, that would roll-off the where the case We would the new in the we for deposits opportunity portfolio would along be investment scenario, a under of thesis. the Yes, do alleviate higher-yielding investment we the to credit that prolonger and higher on assets. continue and our value into Fed which add the

if So expectation Fed does that is the the stop.

Nathan Race

for But material provisioning Great. really and it's are future kind horizon? just know growth Okay. seeing And I impacts the thinking under how of assuming thoughts any you kind any on on issues to about predict CECL. credit difficult of you're guys not providing

Ram Shankar

million-dollar Yes. question, That's Nate. a

our quarters, quarter credit changing our So really are . a towards low as macroeconomic past most then quality, well. more landing, in compared this as few came from both seen soft provisions our low you've charge-offs in and the was given last because variables -- of our provision of move

level loans our decline So and classified. variables XX% depends macroeconomic on growth have our and [ on X% as really what of quarter-over-quarter we to in past lot in loan happens had the said, ] we that Mariner it what

That's from But of we we math it's of to have the bad. get we've pressure. cycle kind work is good kind portfolio health or ratio what as So close a of to or a trying perspective, said, would X%, magic entering lot sometimes coverage any like right? our not to at that there's whether

Nathan Race

Got it.

support of to expectations like macro guys deterioration, quarters charge build just assuming growth. you for X% So loan I'm over the the close reserve it sounds next offs... absent to the in few material

Ram Shankar

at this basis points spitting we're within coverage. in, XX We're

on here what a points say or minus our and ends I'd So up ratio coverage plus few being. basis there

Nathan Race

versus that to so see of guys spending of a then what just could the And you thoughts last bottom quarter. based accelerate kind it. one. period last client to know in you end on attrition balances. Got pay and forth. of terms of when a I surprise attention on full Any one noninterest-bearing don't But ton

Ram Shankar

commercial you because in happened, if average were the episodic what the X% up payments DDA some more of look trust buildup said usage, actually basis. And that there's to, DDA what of alluding our at always our an balances, a you're the So on script, the in and cash as corporate balances third I deals, tax go out. quarter was decline seasonal

So we know and that from it's predictable . standpoint. very

I -- approaching which So curve would that's to time. the are -- total Again, change fairly biggest bottom our we really was from deposits, the the stabilized. your as things side, it's net last on DDA what here. margin say to slightly income in commercial that's can low But our or said, the question, on we're earlier XX% from factor we think of interest the terms

J. Kemper

us said would customer mean works, that. and none is suggest our seen I our done way worth this that were all statement would I commercial. but largely the -- Yes. we I our know, base right, the of We've long, because go we've just would this -- income customers has through and summer Fed first

that's that and cycle that's done. predicted done at the we I at today. being think last XX% XX%, We're largely because

good ours, patterns, using your and shift. bottom as the on here, is it that from guess seems history So near nowhere the is the as major

Nathan Race

terms of in then And the Great. just deposits deposit average expectations, quarter. were in overall flat Okay.

quarters? thinking you're based expectations overall growth see next pipeline, about curious what several the terms over Just on you deposit your in how of guys

J. Kemper

to end a We of the This all day. strong down cost comes have pipeline. continue to

pricing think, just the We our about not a banks strong that really, then paying liabilities, have it's way really manage our to size rates I them. It's disciplined very in very, And a about deposits. deposits. ability, don't after it's market tax about to most approach assets, for

so the to we now. we sit to of deposits. I a what said summer has good we've to want our maintain to get and we spring ago, we to about remind been UMB disciplined then the -- -- while XX% much a and are the We of appropriately things. early we seeing We that's where we total, the And moment margin to assets to that on you've and linked on flatten respectable get date where seen the flatten too linked-quarter here margin with you I go we're And others just declines, on sit. and ability on early. in with because a and now. make liabilities us would loans, remind manage the world our said started where We said And way pretty looked quarter sure we ability making basis, the through sure we're feel and spread. Yes, to trouble concern in don't to would a were about you we you about to we on comfortable out on basis. in I that just we likely do couple a get out very noninterest-bearing have just as bring ourselves able grow market a done price way April it everybody them just might what looked our feel been

outsized We loan continue to growth. tell you we're going have to

loan We continue to have growth. upside

in quality. And while now, everybody's our ours look asset right to continue the manage ability to last Street good asset good looks quality the time tell over We about cycle.

quality. we're seen we've still we've same had the to credit excellent managing We've of we quarters So our X.X% we the management that from we way on to lastly, quarter a few always our expenses top this of in in on cycle. credit this basis case. have. And we'll one we an team best had quality continue have the And through continue have last the is cycles X linked to standpoint. asset asset in linked reduction of few history manage quarter banks that expect together our company And a the show

job become well. input manage to are everything pass costs more with their we're have so our all that can performed. we controlled go control And otherwise, for reasons it's business, geopolitical the you we or or And we've as and how a we're on any hope and costs really And everyone those And is business's you up. board, across and results, efficient. our pleased job, doing

Kay Gregory

if Thanks, XXX-XXXX. the the it can Thanks, at joining have have Thank operator close follow-up always day. us a to any And everyone, questions for back (XXX) today. reach you, us I'll turn and for call. Mariner. you great

Operator

gentlemen, today's like and for Ladies call concluded. has participation. now you to We'd your thank

disconnect now may You your lines.

UMB Financial (UMBF) 25 Oct 232023 Q3 Earnings call transcript